ARTICLE

18 Alarming Statistics About The Growing Retirement Crisis In The U.S.

News Image By Michael Snyder/End of the American Dream January 17, 2025
Share this article:

We are facing an unprecedented retirement crisis in this nation.  Millions upon millions of Baby Boomers are retiring, and most of them are struggling.  In fact, it has been estimated that 80 percent of our retirees are either struggling right now or are in serious danger of falling into financial insecurity.  

We are supposed to be the economic powerhouse of the world.  How could we have allowed this to happen?

There are several reasons why our retirement crisis has become so severe.

First of all, people are living significantly longer than they did decades ago, and so retirees need more money these days.

Secondly, most retirees did not save enough for retirement, and many of them entered their retirement years carrying high levels of debt.

Thirdly, healthcare costs are completely and utterly out of control in this country.  We desperately need to do something about this.

Fourthly, high inflation has made the cost of living extremely oppressive.

Fifthly, pension plans are less common then they once were, and so more retirees than ever are depending upon Social Security as their primary source of income.

When you step back and consider the big picture, it is clear that we have a major problem on our hands, and there are no easy solutions.


The following are 18 incredible statistics about America's retirement crisis that will blow your mind...

#1 Back in 1940, the average life expectancy of a 65-year-old was about 14 years.  Now, it is over 20 years.

#2 The number of Americans that are 65 and older will rise to about 77 million by 2035.

#3 Americans that are retiring now will need an average of $1.22 million to last thirty years in retirement.

#4 Only about half of all U.S. households currently have retirement savings accounts.

#5 One recent survey found that 93 percent of Republicans, 86 percent of Democrats, and 94 percent of independents believe that there is a retirement savings crisis in this country.

#6 47 million U.S. households with older adults are either "financially struggling" or are "at risk of falling into economic insecurity".

#7 Approximately 80 percent of Americans have thought about putting off retirement due to financial reasons.

#8 Over 90 percent of Americans are concerned that they may have to work more years than they originally planned.


#9 There is supposed to be approximately 2.7 trillion dollars in the Social Security trust fund, but our politicians took all of that money and spent it instead.  Today, our Social Security trust fund is simply a colossal pile of government bonds.

#10 Social Security is the primary source of income for most Americans over the age of 65.

#11 According to the National Academy of Social Insurance, 33 percent of Social Security recipients receive all or nearly all of their income from Social Security.

#12 Nearly nine out of ten people age 65 and older are receiving Social Security benefits.

#13 In 2009, nearly 51 million Americans received $672 billion in Social Security benefits.  In 2024, nearly 68 million Americans received $1.5 trillion in Social Security benefits.

#14 More than 180 million U.S. workers have earnings covered by Social Security, and they pay approximately 1.2 trillion dollars in Social Security payroll taxes.

#15 As you can see from the previous two items, our Social Security payroll taxes are not enough to cover the amount being paid out in benefits.

#16 The average Social Security benefit for a retired worker in the U.S. was $1,922 per month in September 2024.

#17 Back in 1950, each retiree's Social Security benefit was paid for by 16 workers.  In 2010, each retiree's Social Security benefit was paid for by approximately 3.3 workers.  By 2035, it is being projected that there will be approximately 2.4 workers for each retiree.

#18 Close to 50 percent of all American workers do not believe that the Social Security system will pay them benefits when they retire.


Needless to say, our federal government is facing an unprecedented financial nightmare, and our retirement crisis is a big reason for that.

Social Security accounts for approximately 21 percent of the federal budget, and Medicare accounts for approximately 14 percent.

That means that those two programs alone account for more than a third of all federal spending.

The politicians in Washington would never dare to make cuts to those programs, because elderly voters would revolt in a major way.

So if we are going to do anything to get our exploding debt under control, cutbacks will have to occur elsewhere.

But we desperately need to do something, because our 36 trillion dollar national debt is growing very rapidly and it threatens to overwhelm us.

We are in so much trouble.

As our debt continues to explode and general economic conditions continue to deteriorate, I expect the plight of our retirees to continue to intensify.

And that is not good news for any of us.

Originally published at End Of The American Dream




Other News

January 15, 2025Four Years To Financial Reckoning: The $51 Trillion Debt Forecast

The U.S. government is currently constructing the most colossal monument in the history of the world. It is a monument of debt, and we wi...

January 15, 2025Report: Biden Admin Singled Out 'Pro-Life, Pro-Family' Americans As Terrorists

During its four years in office, the Biden-Harris administration conducted a whole-of-government attempt to surveil, censor, and possibly ...

January 15, 2025Trump Nominees: Will The Incoming Administration Uphold Biblical Truth?

The conventional wisdom in the political arena is that "personnel is policy"--meaning that the people surrounding a leader ultimately help...

January 15, 2025Terrorist Releases In Exchange For Hostages Threaten Even More Israeli Lives

However one finesses the diplomatic and defense dilemmas here, there is one additional grand security calculus that seems absent from publ...

January 14, 2025Domino Effect - Insurance Agencies Face Crisis After LA Fires

Will the insurance industry be able to survive tens of billions of dollars in losses from the Los Angeles fires? There have been catastro...

January 14, 2025Lessons From LA - Police Chief Wants To Shift Resources To Climate Policing

It is crucial to assess the real-world impacts of DEI policies. The LA fires have already shown us some of these lessons but now a Michig...

January 14, 2025Report: 1 In 8 Christians Worldwide Is Persecuted For Their Faith

"Each year, an estimated 300 million Christians around the world are persecuted because of their faith in Jesus. Our brothers and sisters ...

Get Breaking News